In an ever-evolving world, there are various reasons why you could be working overseas. Whatever the reason is, for every NRI, maintaining financial ties with their home country is crucial. For that, the first very important thing they need is an NRI bank account.
There are generally a lot of NRI account benefits. These accounts are well known for granting financial advantages and offering smooth transactions across countries. If you are an NRI, it is a must that you open an NRI account today. In this blog, we will take a look at the documents required to open an NRI account and a step-by-step guide on how to apply for an NRI account.
Documents needed to open an NRI account
This is because you may get a digital application and a verification procedure that is completely paperless for stress-free account opening.
Irrespective of whether you are staying abroad or have already planned a trip to come back to India, you can effortlessly create an NRE and NRO account with offline or online applications. Here are some of the documents you need to provide to the bank for NRI account opening:
● An identity proof
Your passport will work just fine for this.
● Status proof that is non-resident
It can be any of the following: Resident Card, PIO Card, Resident Permit, Foreign Passport with PIO Declaration, Resident Permit, VISA, etc.
● Address proof overseas
You may provide any of the following documents as an address proof overseas:
Council tax bill, passport, Resident permit, driving license, Voter ID, National ID, Rent agreement, Latest Utility Bill, Credit card statement, etc.
● Tax-related document
You will need Form 60/ PAN and FATCA-related fields on the application form.
● Other documentations
Additionally, you would need to provide a passport-sized recent photograph of yours.
During the time you are not being met by an bank employee, you need to go the extra mile and make sure that the copies of the documents you are going to submit to the bank are certified by a Court Magistrate or an Indian Embassy.
Various ways to open an NRI account
You certainly know what is the meaning of NRI, but do you know how you can open an NRI account? Here are a couple of ways you can go about it:
● Going to the bank branch
While many people believe that it is a traditional way to open an NRI account, it is still the most effective way. It is a must for you if you are currently visiting India. Representative will guide you through the application process and help you open an NRI account. However, the one thing you need to keep in mind is to keep all the KYC documents and the required documents on your end.
● Online
If we are to speak about convenience, going online is still the better way. This process is particularly for those who cannot come back to the Indian visitor bank branch. All you need to do is visit the official website and navigate to the section of the NRI account. You need to choose the kind of account that you want. After that, you need to fill out a few details. Following that, an executive will call you and guide you through the application process.
Wrapping Up
Opening an NRI account isn’t a hassle anymore. It is anything but! All you are required to do is to keep the documents by your side and understand what kind of account you wish to open. Just decide whether you need NRO, NRE, or Seafarer savings account and carry out the application process accordingly.
